Polycab India manufactures and distributes wires and cables, runs a fast-moving electrical goods (FMEG) business and executes EPC cabling projects, and enters this quarter with copper at record highs and a strong industrial demand backdrop. The print will speak to how much of the revenue growth is volume versus copper price pass-through, and whether W&C margins held within the guided 12-14% band after Q1's 13.3%.
| Results date | October 15, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 82,097 million (Q1 FY27, up 39% YoY) |
| Previous quarter PAT | Rs. 7,967 million (Q1 FY27, up 33% YoY) |
| Net cash (latest quarter) | Rs. 3,990 crore at Q1 FY27 end |
| Market cap | Rs. 124,399.94 Cr |
| CMP | Rs. 8,255.0 |
The board was scheduled to meet on October 15 to consider Q2/H1 FY27 unaudited standalone and consolidated results. The trading window was stated to be closed from October 1 to October 17.
The quarter's central test is margin: copper hit an all-time high of US$6.85/lb (~US$15,100/tonne) in September 2026, up 37% over the past year, after Q1 FY27's COGS-to-revenue ratio had already jumped to 80.8% from 70.9% a year earlier and compressed EBITDA margin 68 bps YoY. Demand signals stayed strong through the quarter, with IIP for manufacture of electrical equipment growing 34.0% YoY in June, 28.3% in July and 30.9% in August 2026, but Q1's low-to-mid-single-digit W&C volume growth and June destocking after copper and aluminium price declines leave the volume-versus-price mix as the key question. A partial offset came from domestic PVC prices, which fell about 30% to around Rs. 83/kg entering July from a peak of about Rs. 117/kg in March 2026, with a government minimum import price condition introduced to support domestic prices. On policy, India imposed a final anti-dumping duty of US$86/tonne on copper data cables imported from China on September 16, 2026, with a five-year term, directly affecting import competition in the cable segment. Management has also guided a sizable pickup in U.S. and overall exports in coming quarters, with the U.S. distribution revamp largely complete and a healthy U.S. order book and inquiry bank cited. Post-quarter, the NCLAT stayed the NCLT CIRP-admission order on October 9 and listed the appeal for October 26, 2026; management has stated it does not expect adverse or material impact.
W&C growth, margins and volume-versus-price mix: The core of the call will be how W&C performed against the Project Spring framework amid record copper.
U.S. export pickup and FY30 export objective
FMEG trajectory and EPC/BharatNet milestone timing
Working capital normalisation
NCLAT insolvency appeal and commodity headwinds: Post-quarter legal and commodity developments frame the risk discussion.
Management said the U.S. distribution revamp was largely complete, with market representatives appointed, and cited a healthy U.S. order book and inquiry bank. It expected a sizable pickup in U.S. and overall exports in the coming quarters of the financial year.
Management said export margins have historically been at least around 15% EBITDA. Domestic cable margins were generally 9%-12% and wire margins 15%-16%, with quarterly variation.
EPC revenue declined 11% year on year in Q1 FY27, which management attributed primarily to project timing and the execution cycle. It has also said milestone-linked payouts, such as on BharatNet, can shift revenue recognition between quarters.
Q1 FY27 W&C EBIT margin was 13.3%, which management attributed to favourable business mix and operational excellence. It reiterated medium- to long-term guidance of 11%-13% and a near-to-mid-term range of 12%-14%.
NCLT Ahmedabad admitted a Section 9 IBC petition by Asier Metals Pvt Ltd on October 7, 2026 over an alleged Rs. 2.79 crore operational-debt claim. Polycab appealed, and the NCLAT stayed the order on October 9, with the appeal listed for October 26, 2026; the company has said it considers the matter a commercial dispute and does not expect adverse or material impact.